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Les publications des régulateurs européens et internationaux et les nouveaux travaux de recherche, collectés automatiquement. ⭐ signale ce qui touche directement la banque, l'assurance et la finance.
arXiv — finance statistique
Inverse Learning of Latent Risk-Neutral Densities from Irregular Option Quotes
arXiv:2607.27188v3 Announce Type: replace-cross Abstract: Accurate option prices do not imply accurate recovery of the latent risk-neutral density. We study this distinction with two complementary benchmarks. A controlled benchmark exposes simulator-truth densities for latent evaluation, while a chronological NIFTY benchmark tests only held-out market prices. A two-component lognormal mixture has the lowest aggregate price, $L^1$, Wasserstein, and fixed-tail errors on the synthetic benchmark. Learned operators retain narrower strengths: DeepONet reduces 1% quantile and variance error by 39.0%
arXiv — finance statistique
Market Efficiency in a Changing Asset Population: Mobility, Entry, and Survival over Cryptocurrency's Full History
arXiv:2610.23283v1 Announce Type: new Abstract: Weak-form efficiency implies symmetry restrictions on the Markov chain governing movement across the cryptocurrency capitalisation distribution. We test them on the full listed population: 8,970 assets, 690 weekly cross-sections, 2013 to 2026, with entry, exit and survival observed rather than inferred. Symmetry is rejected in every era, but the asymmetry falls by seventy percent, and what converged is entry-driven compositional churn rather than coins' own valuations. The bottom decile earns 27.5% per week on paper and nothing among assets that
arXiv — finance statistique
Reading the News Without Hindsight: NoLBERT Topics and the Cross-Section of Stock Returns
arXiv:2610.22745v1 Announce Type: new Abstract: Language models that read financial news are usually trained on text from the same years used to test them, so a backtest can reward hindsight. We build news topics from NoLBERT, an encoder pretrained only on text published between 1976 and 1995, adapted into a sentence encoder by contrastive fine-tuning on passages of the same article, with no labels or returns. We compare it with LDA, MiniLM and FinBERT readers on 1.26 million articles from 2012 to 2024, convert each reader's topics into attention shocks and stock exposures, and forecast the re
arXiv — gestion des risques
Requested, Executed and Recoverable Credit: Shared Action Ordering among LLM Borrowers in a Simulated Lending Market
arXiv:2610.15973v2 Announce Type: replace Abstract: We test whether shared action ordering changes executed credit in a simulated collateralized lending market. Three small open-weight language models face a borrowing cap that values collateral at the pool price; only two of the three model families traded. A validation campaign, hash-locked locally before its first model call, pairs 12 common-order markets with 12 balanced-order markets under a revised interface. An exact randomization test rejects the sharp null that common-market net debt is invariant to complete-order assignment (two-sided
arXiv — gestion des risques
Agentic AI in Automated Markets
arXiv:2610.22522v1 Announce Type: cross Abstract: Automated markets increasingly host autonomous, learning trading agents and are powered by formulaic automated market makers (AMMs). We study how heterogeneous agent behavior shapes stress, risk-adjusted performance, liquidity, and volatility in these types of markets. Three behavioral archetypes are modeled as agentic reinforcement learning (RL) systems: a rational arbitrageur, a manipulator, and a retail herd-follower. Each archetype is defined by its reward function within a common, asset-agnostic exposure-control environment, and each is tr
BCE — supervision bancaire
Regulatory reporting on profit and loss: institutions will have option to report under IAS 1 or IFRS 18
FSB
Sound Practices for Responsible Adoption of Artificial Intelligence (AI): Final report
FSB sets out 12 sound practices to facilitate responsible AI adoption by financial institutions.
FSB
FSB finalises sound practices for the responsible adoption of artificial intelligence (AI)
FSB publishes sound practices for financial institutions to adopt, use, and innovate with AI in a responsible manner.
EBA
The EBA classifies USDC as the first significant e-money token in the European Union
The European Banking Authority (EBA) has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto Assets Regulation (MiCA), following its assessment of the criteria set out in the Regulation. There are currently 45 EMTs in the European Union, which have been notified under MiCA, and USDC is the first one to be classified as being significant.
FSB
Regulatory and Supervisory Modernisation Principles: Consultation report
As FSB members review their regulatory and supervisory frameworks, the proposed principles should contribute to efforts to keep such frameworks effective and efficient.
FSB
G20 Implementation Monitoring Review: 2026 report
BCE — communiqués
Philip R. Lane: The AI opportunity for Europe
EBA
European Supervisory Authorities set priorities for 2027
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today its Annual Work Programme for 2027, setting out its priorities for addressing cross-sectoral risks and strengthening coordination across the European Union's financial sector.
BRI (Bâle)
Basel Committee finds Australia, Japan, Korea, Switzerland compliant, and Canada, United Kingdom largely compliant with its leverage ratio framework
The Basel Committee has published assessment reports on the implementation of its leverage ratio framework (LEV) in Australia, Canada, Japan, Korea, Switzerland and the United Kingdom. Australia, Japan, Korea and Switzerland are assessed as compliant; Canada and the United Kingdom are assessed as largely compliant. This publication concludes the first round of multi-jurisdictional assessments of the leverage ratio.
EBA
The EBA releases the final technical package for release 4.4 of its reporting and Pillar 3 disclosure framework
The European Banking Authority (EBA) today released the final technical package for version 4.4 of its reporting and disclosure framework, covering IFRS 18 reporting, Pillar 3 ESG disclosures and other technical amendments.
EBA
The EBA publishes Final Report on draft amendments to technical standards on prudential requirements for central securities depositories
The European Banking Authority (EBA) today published a report proposing draft amendments to the Regulatory Technical Standards (RTS) on certain prudential requirements for central securities depositories (CSDs) and designated credit institutions offering ‘banking-type ancillary services’. This mostly responds to changes introduced by the Central Securities Depositories Regulation (CSDR) “Refit”, notably those allowing banking CSDs to provide banking-type ancillary services to other CSDs.
EBA
EBA CRR3/CRD6 dashboard shows banks maintain capital levels well above minimum requirements under the fully loaded Basel III framework
The European Banking Authority (EBA) today published its CRR3/CRD6 dashboard as of Q2 2026 for 129 banks at the highest level of consolidation across the EU/EEA. EU/EEA banks maintain capital levels well above minimum requirements under the fully loaded CRR3 framework, with an average Common Equity Tier 1 (CET1) ratio projected at 15.1%, despite an increased impact of the output floor compared with previous editions.
FSB
FSB report assesses jurisdictions on public sector backstops
Report finds that few FSB jurisdictions have a public sector backstop arranged in advance that can credibly meet the funding needs of large systemic banks in resolution or failure.
BCE — supervision bancaire
Frank Elderson: Effective supervision through timely remediation
BCE — communiqués
Piero Cipollone: Money in the digital age: digital euro, tokenisation and the role of central banks
BCE — communiqués
Frank Elderson: Effective supervision through timely remediation
BCE — communiqués
Philip R. Lane: Interview with Ansa
BCE — communiqués
Philip R. Lane: Diagnostic Challenges for ECB Monetary Policy
BRI (Bâle)
Basel III applicable in almost all member jurisdictions by 2027
Three quarters of the Basel Committee’s 27 member jurisdictions have now published regulations implementing the full set of Basel III standards. Almost all member jurisdictions have publicly announced that banks must apply Basel III by April 2027 or earlier. The Committee will continue to closely monitor and assess the full and consistent implementation of Basel III standards.
The second report from the FSB strategic review of implementation looks at how the FSB’s policy development process can help improve implementation outcomes.
FSB Chair sets out FSB work on AI and stablecoins
Andrew Bailey delivers note on vulnerabilities and monitoring of global stablecoins and finalised sound practices on AI adoption.
